The Lucknow Municipal Corporation cancelled the lease of UPTRON on 2 lakh sq ft of land in Gomti Nagar on Wednesday, as the 90-day notice period ended.
The Lucknow Municipal Corporation (LMC) had served notice to UPTRON regarding cancellation of deed after the Industrial Financial Corporation of India (IFCI) sold out the building to a private builder to recover its loan from UPTRON without taking permission from the LMC. The sale process was challenged in the court by the LMC and High Court granted stay over the confirmation of sale.
On Wednesday, after deliberations with legal experts, the municipal commissioner approved the deed cancellation.
“From now on, the municipal corporation would take the rent of the tenants in the building and it would come under direct control of the corporation,” said tehsildar LMC Ajit Kumar Singh.
The municipal officials said that title on the land was theirs and now they also had possession of the land and building.